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Joe Biden announces a student loan bailout of up to $20,000 – and does so by violating the Constitution, economic sense, and basic principles of decency.
00:00 – Biden’s student loan bailout
17:43 – Is college a scam?
25:06 – Zero constitutionality
31:56 – Bernie Sanders chimes in
38:50 – Democrats celebrate
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Biden’s Cynical, Dangerous Student Loan Bailout | Ep. 1561
The issue of student loan debt has been a contentious one for years, with politicians and activists advocating for various solutions. Recently, President Joe Biden has proposed a student loan bailout as part of his agenda, portraying it as a much-needed lifeline for struggling borrowers. However, a closer look reveals that this proposal is nothing more than a cynical and dangerous ploy that will have far-reaching consequences for the American economy.
To begin with, let’s acknowledge the burdensome nature of student loan debt. It is undeniable that many borrowers are struggling to make their monthly payments, hindering their ability to achieve financial stability and pursue their dreams. However, the proposed bailout completely disregards the question of personal responsibility and accountability for one’s choices.
By bailing out student loan borrowers, Biden would essentially be rewarding those who made poor financial decisions or failed to research the consequences of their loans. This sends a troubling message to future generations, suggesting that it’s acceptable to take on massive debt without fully considering the long-term impact. It also undermines the value of personal responsibility and financial literacy, which are crucial skills for navigating the adult world.
Furthermore, this proposal sets a dangerous precedent for other forms of debt and financial obligations. If student loans can be forgiven or significantly reduced, then what about credit card debt, mortgages, or even unpaid taxes? It opens a Pandora’s box of moral hazards, creating an expectation that the government will rescue individuals from all forms of financial hardship.
Additionally, the cost of this bailout cannot be overlooked. The current estimate of student loan debt in the United States stands at a staggering $1.7 trillion, and Biden’s plan aims to forgive up to $50,000 per borrower. That means American taxpayers would foot the bill for a bailout that could potentially cost trillions of dollars. This money could be better allocated to more pressing needs, such as infrastructure, healthcare, or education reform that benefits all Americans, not just a select few.
Moreover, the repercussions of such a large-scale student loan bailout would extend far beyond the immediate cost. It would distort the higher education market, causing tuition fees to skyrocket even further. Why should colleges and universities worry about keeping costs down if the federal government is there to erase the debt afterward? This vicious cycle would only perpetuate the problem, generating more debt and dependence on government handouts.
Instead of a blanket student loan bailout, Biden should focus on real solutions that address the root causes of high tuition fees and debt accumulation. This could include promoting vocational schools, apprenticeship programs, or community colleges that offer affordable alternatives to traditional four-year universities. By encouraging students to explore these options, we can lessen the need for excessive borrowing in the first place.
In conclusion, Biden’s proposed student loan bailout may sound appealing on the surface, offering hope to struggling borrowers. However, when examined closely, it becomes clear that it is a dangerous and cynical move that undermines personal responsibility, sets a troubling precedent, wastes taxpayer money, and exacerbates the cycle of debt. Instead, the focus should be on tackling the root causes of student loan debt and promoting avenues that lead to affordable education and financial independence for all.
I worked full time at a greenhouse (4 ten hour days a week) and took summer classes so I could graduate with majors in Economics and Finance and a minor in Engineering. I was able to pay off my loans and buy a $300k duplex in Alexandria and a new Jeep within five years of graduating. I should have defaulted on those loans and partied with friends instead of getting up at 5:30am four times a week and taking classes until 9:30pm twice a week. What a fool I was.
Shut up Shapiro, you give me a headache listening to your blithering.
Anyone filing for Bidens Student Loan forgiveness is a lazy ignorant fool. who's family and all those who didn't take out student loans will pay dearly for their mistake.
Hey Ben – How about the 20K loan you took from PPP, and then you have it forgiven? That's tax payer money and you needed it for payroll on a podcast that's shot like a bad scene of fear factor? When your entire operation can work remotely, you needed free cash from the government during a pandemic… and hey look, they helped you! God that's terrible, the government helping people is so aweful, they should stop doing that.
So are these loans actually forgiven or will it get stopped if Biden doesn't have the power to do this?
Lmao cry about it Ben. Cry about it.
I love how Ben will attack Biden, but when the guy he voted for (2× impeached) steals classified information that threatens national security…(crickets)
Isn't PELL a grant? The one I was blessed with was, and a grant does not have to be paid back (at least mine didn't). Why are the feds forgiving a "loan" that doesn't have to be paid back? Sounds like they are scamming the citizens once again. Perhaps PELL is a different animal than back in the day when I had my experience with it.
WEF Magic Wand.
They are DELIBERATELY breaking the Status Quo to shreds, because they’re very busy building a ‘phase-in NWO through the WEF.
Excellent impressions of Joe and Bernie!
Those of us who nursed or tended covid positive folks and saved lives would benefit from a boost. We could have stayed home and cried, 'I'm afraid of COVID ' and received a shit ton of free money. People bought houses w that money.
The pardoning of repayment for months and months was ridiculous.
HIW ABOUT WE HONIR THE FOLKS WHO FOUGHT FRONT LINE DURING THE PANDEMIC AND KEPT HEALTHCARE OPERATING
Democrat policies and bills are overwhelmingly and deliberately just Bandaid solutions which exacerbate the already obvious and yet ridiculously ignored problems with a broken system.
You chose to get the student loan, you chose what degree to go after, you chose to do the work, and you chose to complete it or not. And what you choose to do with the degree after you got it. All of this was left up to you as well.
if you succeed or not from these choices, this was also all left up to you. You cannot blame anyone else for this part but yourself..
You were simply given the chance to go, to improve your self. The fed "secured the loans" with the lender just so you could get a helping hand up, and we can't allow the lenders to fail just because of you can't or won't pay the loan back.
You would have not even have had the chance to go to college with out the student loans being federally secured with the lenders.
This is just like those Freddy May and Fannie Mac bad housing loans they had to step in to bail out the lenders back in 2008 to poor risk borrowers. We can't allow those lenders to fail just because of you not being able to pay the loans back or refusing to pay the loan back.
It is when the fed "has" to step in to cover the slack, in a federally secured loan that they co-signed for, is when begins to affect us, as they, our representative in this aid to you, passes these bail-out costs to the lender, on to all the taxpayers.
Everyone in these comments are seriously crying over helping others? You're not paying other people's loans! What about PPP loans? Good job you paid yours off so we should just say to friends and family to suck it up when they are given 10k for making less than 75k? If you all were really so strong and able then why get upset that others are being helped without it affecting you? How about the world does not revolve around you. Grow up and have a damn heart. If you're still not over how hard your life was, imagine what others had to go through as well.
Somebody file lawsuit after lawsuit for this unlawful, unconstitutional, buying of votes.
STUDENT LOAN “DEBT EXCHANGE”
Lawless Joe managed a boner with this one!
It’s UNCONSTITUTIONAL
Congress holds the purse strings NOT Crooked Joe!
There is no forgiveness there is just an “exchange” of students’ debts – voluntarily agreed to by them –
for “other peoples’ money!”
Their hard-earned money will be stolen from them through taxation without representation!
THIS IS AN UNCONSTITUTIONAL THEFT OF MONEY FROM ONE GROUP FOR INCOME REDISTRIBUTION TO ANOTHER GROUP!
This is MARXIST SOCIALISM!
“Socialism works until you run out of other peoples’ money.”
– Margaret Thatcher
Should we be getting in the habit of bailing out borrowers from their voluntary obligations?
(HELL NO!)
Do the auto mechanics, carpenters, painters, plumbers, farmers, and other "like" but
non-Woke workers get $10,000 or up to
$50,000 of their expenses in starting those businesses “forgiven" as well?
(NO THEY DO NOT!)
This will add an estimated $2000.00 or more in additional taxes to everyone’s tax liability.
Or should we just add a
clause to the college loan
"Forgiveness Program" that the taxpayers become stockholders in the future earnings of those “forgiven” who the taxpayers unwillingly
"invested" their tax dollars in????
Why should those who benefit most not be expected to “PAY THEIR FAIR SHARE of the DEBT THEY AGREED TO PAY”?
The problem is the “Price" of higher education, also known as indoctrination, that has
risen exponentially above the actual "cost.”
However, both are highly inflated and has left most institutions with billions
in endowments and highly overpaid instructors &
administrators.
Student Loan Debt Shifting is just Marxist Socialist Democrats buying votes
using taxpayer money!
How is this fair to those who paid their loans and were responsible for the debts they agreed to pay with their future higher potential incomes.
The USA is in over 30 TRILLION IN DEBT and there’s NO MONEY AVAILABLE without borrowing and increasing inflation and interest on the debt.
Marxist Socialist Democrats just SPEND SPEND SPEND SPEND &
TAX TAX TAX TAX TAX
INTO INFINITY!
ANYONE WHO VOTES FOR A DEMOCRAT IS A MASOCHIST, AN IMBECILE, AND/OR TOTALLY INSANE!
31:30
Is it too late for take a 10,000 loan out
People need to realize that the issue of student loan forgiveness goes back to subsidized loans in the first place. Government subsidies means you have already been paying for people's loans, it has been like that for a while, and as a result the colleges have been skyrocketing in costs to take advantage of everyone's willingness to take on tens of thousands in debt that is being paid for by the tax payer. We need to end government subsidies in student loans and educating younger generations about college alternatives, and prehaps then will the issue start actially correcting itself.
Just making a one time forgiveness payment isn't going to fix shit.
After college, I had 3 jobs in an effort to pay off my student loans in 3yrs.
What an alpha
Imagine you made a bad choice which your school exploited and this senile old man appears to lead the charge to rob your neighbors, many of whom made better choices than you, and force them to pay off your debt – literally everyone is being forced to pay for this except the parties responsible.
Have you ever seen those videos where they just ask random people on the streets of the USA basic questions and they fail at answering… yeah…. this shit won't help.
I benefit from this my wife and I both got our debt erased. I always try to preference it like rhat. I don't like that my brothers who didn't go to school will foot the bill.
$62.50 per hour equals $125000 per year. That's a bit rich.
Now let’s see a video about the PPP bailouts….
So he can Legally do it. What's the problem then? Kind of weird how all the rich guys like Ben just love to fuck over the poor with their influence.
I know exactly how the guy talking to Elizabeth Warren. For years I paid flood insurance on my house. I was not in a flood zone, so it was not mandated by my mortgage company, but I like to be prepared. After Katrina's destruction, the uninsured for flood, got 150,000 from the government. What did I get you might ask………..not a damn thing from that program!!! Getting screwed for doing the right thing is nothing new from our government.
Just like Sloppy Joe and Princess Pelosi said that they would never mandate masks or vaccines and then they did!
How will 10,000 fix a broken system?
I don’t understand, I graduated college in 2020, and I have student loans and I bought a house. If I, 24 can buy a house I’m sure others can too. No it’s not a nice house but it a stepping stone to a nicer house.
I pay my taxes and worked hard to pay my loans from school in a field I didn’t want to be in cause I was young and it was expected for me. I’ve been pushing off returning to school for what I actually want to do because I still had so much debt to pay off (especially since my loan payments were raised before covid leaving me with pennies at the end of the month before covid) trump put a pause on the loans and I actually used my first covid relief check to pay for over due payments and Biden continued with the pause which I was grateful for. Personally I’m happy about the forgiveness it gives me and many others still in low income situations despite going to school a chance to stop focusing on the past and work towards a better future. I can now go back to school for something I want and will be worth the money I put into it
Did the Secretary of Education just say it's to help the default borrowers of the future? What is the excuse of the future default borrowers? Another pandemic?